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Consumer electronics startup Indkal secures $36 million in Series A funding.

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Updated: Jun 14, 2024


Consumer electronics startup Indkal Technologies has secured $36 million (approximately Rs 300 crore) in funding, led by the Mauritius-based Aries Opportunities Fund. This marks the first funding round for the Bengaluru-based company since its inception in 2020.

According to a press release, the funds will be used to enhance the development of air conditioners, televisions, washing machines, and refrigerators by establishing a new R&D facility. Additionally, the capital will support the expansion of distribution channels and the creation of service network bases. The company did not reveal its valuation.

Indkal, led by Anand Dubey, operates as a trademark licensing company, producing a wide range of consumer electronics and large appliances for global brands such as Acer and Black & Decker. Recently, Indkal introduced its own brand, Wobble, which offers wearable and audio products. The company reported revenue of Rs 800 crore for FY24, with Wobble expected to contribute Rs 250-300 crore.

In the television segment, Indkal reported over 300% growth annually over the past three years. According to its financial statements filed with the ROC, Indkal's revenue increased more than fourfold to Rs 260 crore in FY23, up from Rs 61 crore in FY22. The company also achieved profitability in FY23, with a profit of Rs 10.89 crore compared to a loss of Rs 11.60 crore the previous year.

Recently, several companies have announced strategic investments or their first fundraising rounds. In May, TechnoSport, a 17-year-old performance wear brand, raised $21 million from A91 Partners in its first external funding. Fast fashion omnichannel ethnic wear brand Libas also secured $18 million from ICICI Venture’s IAF Series 5 fund in its first external funding. Additionally, salon chain Jean Claude Biguine (JCB) Salons India raised $4.8 million from the alternative credit platform Blacksoil.


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